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Share loss carry back claim successful but trade loss carry-back claims failed

By Mark McLaughlin, April 2026

The taxpayer’s claim to carry back share losses was successful as HMRC failed to counteract it as part of their enquiry and closure notice; however, trade loss carry-back claims were not part of the tax returns for the relevant tax years but were standalone claims and HMRC’s enquiry into them was effective in denying those claims.  

The appellant was a management consultant, earning significant remuneration. He participated in schemes designed to generate share losses and trade losses. The appellant sought to carry back both the share losses and trade losses. The trade losses in question relatedto the tax year 2011/12. He sought to set those losses off against his income in 2009/10 and 2010/11 (the appellant also realised trade losses in 2010/11,&nbsp&

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